PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.03 in second-quarter 2020, which surpassed the Zacks Consensus Estimate of 68 cents by 51.5%. The bottom line, however, declined 6.4% from the year-ago quarter’s reported figure.
Including one-time items, the company incurred a GAAP loss of $3.73 per share compared with a loss of $4.83 in the prior-year quarter.
PG&E Corp’s total revenues of $4,533 million rose 15% from the year-ago quarter’s $3,943 million.
While electric revenues increased 16.6% from the prior-year quarter’s reported figure, natural gas revenues improved 10.1% year over year.
Operating expenses in the reported quarter totaled $4,251 million, which declined 43.9% from $7,583 million in second-quarter 2019. The decline was due to lower cost of electricity and wildfire-related claims.
The company reported an operating income of $282 million against the operating losses of $3,640 million incurred during the previous year’s second quarter.
Interest expenses in second-quarter 2020 summed $199 million compared with $60 million in the year-ago period.
Pacific Gas Electric Co. Price, Consensus and EPS Surprise
PG&E Corporation issued 2020 guidance for consolidated GAAP losses of 99 cents to $1.05 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2020 core earnings is $1.60-$1.63 per share. The Zacks Consensus Estimate for the company’s 2020 earnings, pegged at $1.32 per share, lies below the company’s guided range.
PG&E Corp. currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
Edison International (EIX - Free Report) reported second-quarter 2020 adjusted earnings of $1.00 per share, which missed the Zacks Consensus Estimate of $1.11 by 9.9%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>